Elliott Faces First Ever US Proxy Vote in Phillips 66 Fight (1)

After more than a hundred campaigns targeting US companies, Elliott Investment Management is heading into its first ever proxy vote on home ground.

The activist investor will face off with Phillips 66 Wednesday, as it battles to get four of its board nominees elected at the US refiner’s annual shareholder meeting.

The vote follows a multi-year campaign that’s focused on Phillips 66’s financial underperformance compared to its peers, as well as its conglomerate business model and governance practices. At the core of what has become an increasingly contentious and personal war of words is a debate over what a refiner ...